Topic: Account Titling
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How should we title an IRA account when the owner is deceased and the beneficiary now owns the account? The beneficiary is not a spouse.
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You should always first review your bank’s policies and procedures to determine how to title an account. If you do not have a procedure, then you may wish to title a non-spouse beneficiary IRA account as Jane Doe, Beneficiary Joe Smith IRA with Jane Doe’s social security number.
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What is the common styling for premade funeral accounts? For example, [Funeral Home Name] for [Purchaser’s Name], with funeral home as authorized signor.
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The Illinois Funeral or Burial Funds Act requires that if a pre-paid funeral account is funded with a trust arrangement, then the trust must be maintained in a trust account with a bank, savings and loan association, savings bank or credit union. Titling the account in the name of the funeral home for the purchaser…
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When we open a payable on death (POD) account, should the account’s title indicate that it is a POD account?
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Under the Illinois Trust and Payable on Death Accounts Act, a POD account is formed when the person(s) opening or holding the account sign an agreement with the institution providing that on the death of the last surviving person designated as a holder of the account, the account will be paid to or held by…